/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/130225.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, February 25, 2013, Vol. 14, No. 39 Headlines A N T I G U A & B A R B U D A * ANTIGUA & BARBUDA: CARICOM Firm in Backing Antigua in Dispute B E L I Z E * BELIZE: Bondholders Has Finally Agreed to a Debt Exchange B E R M U D A ENERGY XXI: S&P Retains 'B+' Rating on Unsecured Debt C A Y M A N I S L A N D S CASTLERIGG GLOBAL: Commences Liquidation Proceedings DB SUKUK: Commences Liquidation Proceedings HENRI OCTO: Commences Liquidation Proceedings LOOMIS SAYLES: Commences Liquidation Proceedings LOOMIS SAYLES ALPHA: Commences Liquidation Proceedings LOOMIS SAYLES EXTENDED: Commences Liquidation Proceedings LOOMIS SAYLES FUND II: Commences Liquidation Proceedings LOOMIS SAYLES LEVERAGED: Commences Liquidation Proceedings LOOMIS SAYLES RETURN: Commences Liquidation Proceedings LOOMIS SAYLES SENIOR: Commences Liquidation Proceedings MARIZA PRIVATE: Placed Under Voluntary Wind-Up MELCO CROWN SPV: Commences Liquidation Proceedings MORTGAGE OPPORTUNITY: Commences Liquidation Proceedings SCARABEE INVESTMENTS: Commences Liquidation Proceedings SG CAYMAN POWER: Commences Liquidation Proceedings SPECIAL SELECT: Placed Under Voluntary Wind-Up SYNERGY GROUP: Placed Under Voluntary Wind-Up WELLINGTON EQUITIES: Commences Liquidation Proceedings WINDSOR CHARITABLE: Commences Liquidation Proceedings J A M A I C A RBC JAMAICA: Union Upset on Delay in Restructuring Proposal M E X I C O FINCOMUN SERVICIOS: S&P Lowers Rating to 'B+'; Outlook Stable MAXCOM TELECOM: Moody's Rates Proposed USD200MM Sr. Notes (P)Caa1 MAXCOM TELECOM: S&P Downgrades CCR to 'CC' * New Mexican Housing Laws Might Impact Homebuilders Says Moody's X X X X X X X X * Latin American Banks Issues More Debts in 2012 Says Moody's * BOND PRICING: For the Week Feb. 18 to Feb. 22, 2013 - - - - - =============================== A N T I G U A & B A R B U D A =============================== * ANTIGUA & BARBUDA: CARICOM Firm in Backing Antigua in Dispute --------------------------------------------------------------- Caribbean360.com reports that the Caribbean Community (CARICOM) disclosed its full backing for Antigua and Barbuda and called for the United States to co-operate with the territory in its efforts to secure compensation. "The Caribbean Community affirms its full support for Antigua and Barbuda in its fight to obtain United States of America compliance with the ruling of the World Trade Organization (WTO) Dispute Settlement Body on the subject of cross-border provision of gambling and betting services. . . . The Conference of Heads of Government calls on the US to settle the dispute with Antigua and Barbuda by honoring its obligations to respect international rules and by complying with the decision of the WTO in this matter. Those rules apply to all countries whether small, large, rich or poor. All countries must abide by their obligations within the Community of Nations in the WTO. The Community has stood with the US and the Community of Nations to defend the imperative of full compliance with internationally accepted norms and rules. However, in this case, the US must review its actions in the context of the principles referred to above," CARICOM stated, according to Caribbean360.com. The report relates that negotiators from the United States had held consultations with Antigua and Barbuda to discuss meaningful compensation for the hurt that Antigua and Barbuda claims was caused by. In 2006, Antigua and Barbuda-based providers held a 25% online gaming market share in the US, the report recalls. The report says that in a landmark decision in 2004, the WTO agreed that the introduction of a number of laws criminalizing remote gambling services offered to American consumers were in violation of the US's international treaty obligations. However, to date, the government of Antigua and Barbuda has said that "it has been unable, despite sustained efforts, to either get the United States to comply with the WTO ruling or negotiate any reasonable compromise to settle the dispute," the report relates. =========== B E L I Z E =========== * BELIZE: Bondholders Has Finally Agreed to a Debt Exchange ----------------------------------------------------------- Caribbean360.com, citing Reuters, said a committee representing major Belize bondholders has agreed to a debt exchange on the country's US$550 million "super bond" after almost a year of negotiations. Committee members agreed unanimously to swap their old United States dollar bonds for new bonds with a maturity date of 2038, the group said in a statement, according to Caribbean360.com. "The Committee appreciates the (Belize government's) willingness to negotiate in good faith and to adhere to what was in the end a fair and transparent process," the report quoted AJ Mediratta, joint chair of the committee and co-president of Greylock Capital Management, as saying. Caribbean360.com notes that under the deal put forward by the government, creditors would write off 10% of the value of the bonds, far less than the 45% haircut Belize had proposed as one of the original restructuring options. The maturity of the bonds will be extended by nine years to 2038. The interest rate will be set initially at 5% for 4.5 years and stepping up to 6.788% for the remaining term, a reduction from the current 8.5% rate, Caribbean360.com discloses. The report notes that Glenford Ysaguirre, Belize's central bank governor, said the committee represented holders of 66% of the superbond's value. The remaining 34% is held by others, who must be dealt with individually by the Belize government, Mr. Ysaguirre added, the report relays. The report discloses that the Belize government needs a 75% take- up rate to trigger a collective action clause, a mechanism used to restructure government bonds in a crisis. "The new bond offer will stay open for three weeks. At that time (Belize's government) will know if it was successful in reaching the 75% threshold," Mr. Ysaguirre said in a statement obtained by the news agency. The committee and another group of 20 institutional bondholders together represent creditors holding 62% of the outstanding debt. An unnamed spokesman for the committee said it was likely the 20 institutional investors would follow the committee's recommendation, the report says. The committee said participants in the exchange would receive most favored creditor status and the principal would be protected in the event of a future default, the report adds. ============= B E R M U D A ============= ENERGY XXI: S&P Retains 'B+' Rating on Unsecured Debt ----------------------------------------------------- Standard & Poor's Ratings Services said it has revised its recovery rating on Energy XXI Gulf Coast Inc.'s senior unsecured debt to '3' from '4'. Energy XXI Gulf Coast Inc. is a subsidiary of Energy XXI (Bermuda) Ltd. The '3' recovery rating reflects S&P's expectation that creditors would receive meaningful (50% to 70%) recovery in the event of a payment default. The issue-level rating on Energy XXI's unsecured debt remains 'B+' (same as the corporate credit rating). S&P's 'B+' corporate credit rating and stable outlook on Energy XXI (Bermuda) Ltd. are also unchanged. The higher recovery expectation reflects an updated PV10 valuation of proved reserves, including the recent acquisition of additional interests in the Laphroaig field, based on S&P's revised recovery price deck assumptions of $50 per barrel (bbl) for West Texas Intermediate crude oil and $3.50 per million British thermal unit (mmBtu) for Henry Hub natural gas (previously $45/bbl and $4/mmBtu, respectively). RATINGS LIST Energy XXI (Bermuda) Ltd. Corporate Credit Rating B+/Stable/-- Ratings Affirmed/Recovery Rating Revised Energy XXI Gulf Coast Inc. Senior Unsecured B+ Recovery rating 3 4 ========================== C A Y M A N I S L A N D S ========================== CASTLERIGG GLOBAL: Commences Liquidation Proceedings ---------------------------------------------------- On Nov. 28, 2012, the sole shareholder of Castlerigg Global Select Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 17, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814-6847 DB SUKUK: Commences Liquidation Proceedings ------------------------------------------- On Dec. 6, 2012, the sole shareholder of DB Sukuk Company Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust SPV (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814-6847 HENRI OCTO: Commences Liquidation Proceedings --------------------------------------------- On Dec. 5, 2012, the sole shareholder of Henri Octo Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814-6847 LOOMIS SAYLES: Commences Liquidation Proceedings ------------------------------------------------ On Dec. 3, 2012, the sole shareholder of Loomis Sayles Multi- Sector Absolute Return Master Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814-6847 LOOMIS SAYLES ALPHA: Commences Liquidation Proceedings ------------------------------------------------------ On Dec. 3, 2012, the sole shareholder of Loomis Sayles Multi- Sector Absolute Return Extended Alpha Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814-6847 LOOMIS SAYLES EXTENDED: Commences Liquidation Proceedings --------------------------------------------------------- On Dec. 3, 2012, the sole shareholder of Loomis Sayles Multi- Sector Absolute Return Extended Alpha Master Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814-6847 LOOMIS SAYLES FUND II: Commences Liquidation Proceedings -------------------------------------------------------- On Dec. 3, 2012, the sole shareholder of Loomis Sayles Cayman Leveraged Senior Loan Fund II, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814-6847 LOOMIS SAYLES LEVERAGED: Commences Liquidation Proceedings ---------------------------------------------------------- On Dec. 3, 2012, the sole shareholder of Loomis Sayles Leveraged Senior Loan Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814-6847 LOOMIS SAYLES RETURN: Commences Liquidation Proceedings ------------------------------------------------------- On Dec. 3, 2012, the sole shareholder of Loomis Sayles Multi- Sector Absolute Return Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814-6847 LOOMIS SAYLES SENIOR: Commences Liquidation Proceedings ------------------------------------------------------- On Dec. 3, 2012, the sole shareholder of Loomis Sayles Leveraged Senior Loan Fund II Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814-6847 MARIZA PRIVATE: Placed Under Voluntary Wind-Up ---------------------------------------------- On Nov. 26, 2012, the sole shareholder of Mariza Private Trust Company resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 27, 2012, will be included in the company's dividend distribution. The company's liquidator is: MBT Trustees Ltd. Telephone: 945-8859 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands MELCO CROWN SPV: Commences Liquidation Proceedings -------------------------------------------------- On Nov. 29, 2012, the shareholders of Melco Crown SPV Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, will be included in the company's dividend distribution. The company's liquidator is: Chung Yuk Man The Centrium, 38th Floor 60 Wyndham Street Central, Hong Kong Telephone: (852) 3151-3728 MORTGAGE OPPORTUNITY: Commences Liquidation Proceedings ------------------------------------------------------- On Dec. 4, 2012, the sole shareholder of Mortgage Opportunity Fund VI Series B, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814-6847 SCARABEE INVESTMENTS: Commences Liquidation Proceedings ------------------------------------------------------- On Dec. 4, 2012, the sole shareholder of Scarabee Investments Ltd. resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Roberto Alarcon Av. Cerro Colorado 5240 Torre del Parque II Piso 9 Las Condes, Santiago Chile SG CAYMAN POWER: Commences Liquidation Proceedings -------------------------------------------------- On Nov. 28, 2012, the sole shareholder of SG Cayman Power Holdings, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 16, 2013, will be included in the company's dividend distribution. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814-6847 SPECIAL SELECT: Placed Under Voluntary Wind-Up ---------------------------------------------- On Dec. 5, 2012, the sole shareholder of The Special Select (USD) Fund Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 21, 2013, will be included in the company's dividend distribution. The company's liquidator is: Susan Lo Yee Har Telephone: (852) 2980-1618 Facsimile: (852) 2262-7818 Tricor Services Limited Three Pacific Place, Level 28 1 Queen's Road East Hong Kong SYNERGY GROUP: Placed Under Voluntary Wind-Up --------------------------------------------- On Dec. 5, 2012, the sole shareholder of Synergy Group Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 7, 2013, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands WELLINGTON EQUITIES: Commences Liquidation Proceedings ------------------------------------------------------ On Dec. 4, 2012, the shareholders of Wellington Equities Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 15, 2013, will be included in the company's dividend distribution. The company's liquidator is: Robert N. Slatter Wardour Management Services Limited Telephone: (345) 945-3301 Facsimile: (345) 945-3302 P.O. Box 10147 Grand Cayman KY1-1002 Cayman Islands WINDSOR CHARITABLE: Commences Liquidation Proceedings ----------------------------------------------------- On Dec. 4, 2012, the shareholders of The Windsor Charitable Foundation resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 15, 2013, will be included in the company's dividend distribution. The company's liquidator is: Robert N. Slatter Wardour Management Services Limited Telephone: (345) 945-3301 Facsimile: (345) 945-3302 P.O. Box 10147 Grand Cayman KY1-1002 Cayman Islands ============= J A M A I C A ============= RBC JAMAICA: Union Upset on Delay in Restructuring Proposal ----------------------------------------------------------- RJR News reports that the main union representing workers at RBC Jamaica is taking issue with the delay by the bank's management to present details of its proposed restructuring. During a meeting earlier with representatives of the bank, the Bustamante Industrial Trade Union (BITU) said it was not happy with the lack of information flow on the restructuring, according to RJR News. The report relates that Senator Kavan Gayle, BITU president- general is worried about the implications. Mr. Gayle told RJR News that further meetings will be held with RBC to discuss the matter. As reported in the Troubled Company Reporter-Latin America on Jan. 29, 2013, Jamaica Observer said that RBC Royal Bank Jamaica (RBCJ) plans to close four branches and lay off 10% of its staff. Over the next three to four months, the bank will close Cross Roads, Linstead, Santa Cruz, and Spanish Town, leaving 13 branches open, according to Jamaica Observer. The report related that after the reorganization, which is part of a two-year plan to return the bank to profitability, RBCJ will have 70 less employees than the approximately 700 currently on its payroll. =========== M E X I C O =========== FINCOMUN SERVICIOS: S&P Lowers Rating to 'B+'; Outlook Stable ------------------------------------------------------------- Standard & Poor's Rating Services lowered its long-term global scale issuer credit rating on FinComun Servicios Financieros Comunitarios S.A. de C.V. Sociedad Financiera Popular (FinComun) to 'B+' from 'BB-' and its national scale rating to 'mxBBB/mxA-3' from 'mxBBB+/mxA-2' . At the same time, S&P affirmed its 'B' short-term global scale issuer credit rating. The outlook is stable. "The downgrade on FinComun is the result of a decrease in its capitalization as it has significantly expanded its loan portfolio, and posted net losses over the last two fiscal years," said Standard & Poor's credit analyst Elena Enciso. The investments that the company has made in order to achieve this growth have been reflected in higher expenses causing the deterioration of Fincomun's capitalization. In this sense, S&P's projected risk-adjusted capital (RAC) ratio before diversification on FinComun dropped to 6.01% from S&P's March 2012 estimate of more than 7%. S&P's ratings on FinComun reflect its "moderate" business position, and capital and earnings, "weak" risk position, "adequate" liquidity and "below-average" funding, as S&P's criteria define these terms. MAXCOM TELECOM: Moody's Rates Proposed USD200MM Sr. Notes (P)Caa1 ----------------------------------------------------------------- Moody's Investors Service assigned (P)Caa1 rating to Maxcom Telecomunicaciones, S.A.B. de C.V. (Maxcom)'s proposed up to USD 200 million in senior secured notes due 2020. The provisional rating is subject to the successful exchange of existing notes for new notes, as offered by Maxcom. Simultaneously, Moody's affirmed Maxcom's Caa1 corporate family rating and the Caa1 rating on existing USD 200 million in senior secured notes due 2014. The ratings outlook remains developing. The date of the last Credit Rating Action was December 5, 2012. Ratings Rationale: On February 20, 2013, Maxcom announced an offer to exchange any and all of the company's outstanding 11% USD 200 million Senior Secured Notes due December 2014 for up to USD 200 million Senior Secured Notes due 2020. The exchange offer expires on March 20, 2013. If the offer is accepted by bondholders representing over 90% of current notes outstanding, the control of Maxcom could be transferred to Ventura Capital Privado (Ventura), which on the same date has offered to acquire all of Maxcom's outstanding shares. The exchange of at least 90% of the existing 2014 notes is a condition precedent for Ventura to acquire and take control of Maxcom. Based on its definitions and under the terms and conditions of the proposed notes exchange, Moody's would consider it a distressed exchange. If 100% of the existing notes are exchanged for new notes, Moody's would withdraw the ratings on the existing notes. Moody's expects no change to Maxcom's current Caa1 corporate family rating if the existing notes are exchanged for the new notes. Possible credit positives from the exchange include 1) improved capital structure and liquidity position considering an expected capital injection by Ventura of about USD45 million; 2) higher profitability, assuming a lower interest rate on the new notes; 3) a more comfortable debt maturity profile; and 4) the new shareholders successful experience with small and medium size business in Mexico. However, these positives are mitigated by Maxcom's poor operating results in the last 4 years and a challenging business environment in Mexico given strong competition from larger and better capitalized telcos and cable TV companies. Instead, given Maxcom's current weak liquidity position (as of November 30, 2012 the company held about USD 16 million in readily available cash) and the limited prospects of a short term solution, if the exchange is not successful, Maxcom's ratings could be downgraded, potentially by more than one notch. On December 4, 2012, Maxcom announced that Ventura, a Mexican private equity fund, offered to acquire up to 100% of the company's shares and that shareholders which represent about 44% of the capital of Maxcom have accepted the offer, subject to 1) regulatory approvals and other conditions; 2) Ventura being able to acquire a minimum of 51% of Maxcom's capital; and 3) a successful exchange of the outstanding USD 200 million in global notes for new notes to be issued by Maxcom. Maxcom's current Caa1 ratings reflect the company's weak sales performance; small revenue size; and negative free cash flow, as calculated by Moody's. Maxcom's current leverage (at 3.6 times adjusted debt to EBITDA for LTM September 30, 2012) is adequate for its Caa1 rating category. However, interest coverage as per adjusted EBITDA minus capex to interest payments is weak at 0.8 times during the last twelve months. The principal methodology used in rating Maxcom was the Global Telecommunications Industry Methodology published in December 2010. Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico City, Mexico, is a facilities-based telecommunications provider. It delivers last-mile connectivity to micro, small and medium- sized businesses and residential customers (social classes C and D) in Mexico. It provides local and long-distance voice, data, high speed, dedicated and dial-up Internet access, cable TV, public telephony and Voice over Internet Protocol telephony, as well as service bundles. Maxcom launched commercial operations in May 1999 and is currently offering services in greater metropolitan Mexico City, Puebla, Queretaro and San Luis Potosi and, on a selected basis to business subscribers, in several cities in Mexico. Revenues during the last twelve months ended in September 30, 2012 amounted to about USD 167 million with a 37% adjusted EBITDA margin. MAXCOM TELECOM: S&P Downgrades CCR to 'CC' ------------------------------------------ Standard & Poor's Ratings Services lowered its corporate credit and issue level ratings on Maxcom Telecomunicaciones S.A.B. de C.V. (Maxcom) to 'CC' from 'CCC+'. S&P removed the ratings from CreditWatch with negative implications, where it placed them on Dec. 6, 2012. The recovery rating of '3' on the company's senior secured notes remains unchanged. The outlook on the corporate credit rating is negative. The downgrade follows the company's announcement of an offer to exchange its current $200 million senior secured notes due 2014 for an issuance of an aggregate principal amount of $200 million 6% senior secured notes due 2020, with a step-up in interest rate by 100 basis points in 2016 and 2018. The company will not receive any cash proceeds in the exchange offer. "According to our criteria, we view this as a distressed exchange and tantamount to a default," said Standard & Poor's credit analyst Marcela Duenas. The offer, in S&P's view, implies that the investors will receive less value than the promise of the original securities, the interest rate is lower than the original yield, and the new security maturity extends beyond the original maturity date. The exchange offer, if completed, will give Maxcom a more manageable debt maturity profile and will allow the company to reduce its interest rate payments. * New Mexican Housing Laws Might Impact Homebuilders Says Moody's ----------------------------------------------------------------- The new housing policy of Mexico's federal government will create negative credit implications for homebuilders over the next two years as it will increase their cost of doing business, says Moody's Investors Service in a new report. "As with the past regulations, the new rules will be especially onerous as the homebuilders have to bring their practices into compliance with the new standards," said Moody's Analyst Griselda Bisono, author of the report, "New Mexican Housing Policy Will Be Short-Term Credit Negative for Homebuilders." However, she explained, "this will not begin until 2014 and the changes will be phased-in over a 24-month transition period." Mexico's President Enrique Pe�a Nieto announced the general outlines of the new national housing policy earlier this month with additional details expected later. The new regulations maintain several objectives of the prior administration. The rating agency report highlights that Moody's is "comfortable with the current ratings and outlooks on our rated Mexican homebuilders given their low leverage and strong market presence." The reports further notes that Moody's "will monitor any effects this new policy may have to the homebuilders' liquidity and future earnings." "Other factors that mitigate the negative credit implications include the fact that the policy creates new goals such as improved coordination and oversight of the different housing- related agencies, and the expansion of financing and government subsidies to a growing population," said Moody's Bisono. "This is a credit positive." The registration and classification of land reserves by the government as called for by the new policy could lead to discounted land sales in non-favored regions and higher land prices in favored regions, according to the Moody's report. In addition, says Moody's, the policy is likely to favor vertical over traditional horizontal housing, which bodes well for homebuilders that have begun shifting their product mix more towards vertical construction. =============== X X X X X X X X =============== * Latin American Banks Issues More Debts in 2012 Says Moody's ------------------------------------------------------------- Moody's-rated banks in Latin America have defied a declining global trend for unsecured debt issuance by issuing a record $27.7 billion in unsecured long term debt in 2012, says Moody's Investors Service in its special comment "Moody's Latin America Bank Debt Report: Issuance Rises, Bucking Global Trend." "The record level of debt issuance is a 13.6% increase from last year", said Jeanne Del Casino, a Moody's Vice President -- Senior Credit Officer and one of the authors of the report. "The increase was spurred by strong loan growth, merger and acquisition activity and growing investor demand." Moody's notes that global debt issuance declined by 6% as bank restructurings and deleveraging, primarily in the Euro zone, weighed on the markets since the 2008-2009 financial crisis. "Brazilian banks in particular have led the way for debt issuance," added Del Casino. "Of the $87 billion of unsecured debt issued by Moody's-rated banks during the three-year period between 2009 and 2012, banks in Brazil have issued $55 billion, or two thirds, while banks in Mexico, Chile, Colombia, and Peru have issued most of the remaining third, or about $28 billion." These historically high levels reflect unprecedented low interest rates and high global liquidity that offers low funding costs and term opportunities for the region's banks, says Moody's. It is also indicative of stable credit metrics and country fundamentals that have provided Latin American banks with improved access to capital markets, says the report. However, increased debt issuance by banks is on balance credit negative, as it increases their reliance on wholesale markets and raises refinancing risk should investors become more risk averse to emerging market instruments, says Moody's. Still, refinancing risks are partially mitigated by banks' ability to take medium and longer tenors in the international markets, notes the report. * BOND PRICING: For the Week Feb. 18 to Feb. 22, 2013 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-USDDIS 8.28 12/31/2033 USD 59.65 ARGENT-USDDIS 8.28 12/31/2033 USD 60.75 ARGENT-USDDIS 8.28 12/31/2033 USD 61.63 ARGENT-USDDIS 8.28 12/31/2033 USD 61.63 ARGENT-USDDIS 8.28 12/31/2033 USD 63.25 ARGENT-PAR 1.18 12/31/2038 ARS 42.04 ARGENT-EURDIS 7.82 12/31/2033 EUR 45 ARGENT-EURDIS 7.82 12/31/2033 EUR 60 ARGENT-EURDIS 7.82 12/31/2033 EUR 60.5 ARGENT-JPYDIS 4.33 12/31/2033 JPY 35.5 ARGENT-JPYDIS 4.33 12/31/2033 JPY 36 ARGENT-JPYPAR&GDP 0.45 12/31/2038 JPY 8 ARGNT-BOCON PRE9 2 3/15/2014 ARS 50 BANCO MACRO SA 9.75 12/18/2036 USD 72.5 BANCO MACRO SA 9.75 12/18/2036 USD 71.88 BANCO MACRO SA 9.75 12/18/2036 USD 71.88 CAPEX SA 10 3/10/2018 USD 75 CAPEX SA 10 3/10/2018 USD 73.25 CIA LATINO AMER 9.5 12/15/2016 USD 70 EMP DISTRIB NORT 9.75 10/25/2022 USD 46.05 EMP DISTRIB NORT 10.5 10/9/2017 USD 36.85 EMP DISTRIB NORT 9.75 10/25/2022 USD 44.5 METROGAS SA 8.875 12/31/2018 USD 66.75 METROGAS SA 8.875 12/31/2018 USD 66.75 METROGAS SA 8.875 12/31/2018 USD 66.75 METROGAS SA 8.875 12/31/2018 USD 66.75 METROGAS SA 8.875 12/31/2018 USD 67 METROGAS SA 8.875 12/31/2018 USD 69.13 PROV BUENOS AIRE 9.625 4/18/2028 USD 65.87 PROV BUENOS AIRE 9.625 4/18/2028 USD 65.88 PROV BUENOS AIRE 9.375 9/14/2018 USD 70.91 PROV BUENOS AIRE 9.375 9/14/2018 USD 70.7 PROV BUENOS AIRE 10.875 1/26/2021 USD 72.7 PROV BUENOS AIRE 10.875 1/26/2021 USD 72.31 PROV DE FORMOSA 5 2/27/2022 USD 62.63 PROV DE MENDOZA 5.5 9/4/2018 USD 73.78 PROV DEL CHACO 4 12/4/2026 USD 27.75 PROV DEL CHACO 4 11/4/2023 USD 55.13 TRANSENER 9.75 8/15/2021 USD 39 TRANSENER 9.75 8/15/2021 USD 38.75 TRANSENER 8.875 12/15/2016 USD 41.01 BRAZIL ------ CESP 9.75 1/15/2015 BRL 74.7 CAYMAN ISLAND ------------- BANCO BPI (CI) 4.15 11/14/2035 EUR 59.5 BANCO BPI (CI) 4.15 11/14/2035 EUR 65.13 BCP FINANCE CO 4.239 EUR 42 BCP FINANCE CO 5.543 EUR 43 BES FINANCE LTD 4.5 EUR 64.83 BES FINANCE LTD 5.58 EUR 67.5 CAM GLOBAL FIN 6.08 12/22/2030 EUR 61 CHINA FORESTRY 10.25 11/17/2015 USD 53 CHINA FORESTRY 10.25 11/17/2015 USD 53.13 CHINA SUNERGY 4.75 6/15/2013 USD 57.87 ERB HELLAS CAYMA 9 3/8/2019 EUR 50.75 ESFG INTERNATION 5.753 EUR 53.19 GOL FINANCE 8.75 USD 77.25 GOL FINANCE 8.75 USD 74.88 JINKOSOLAR HOLD 4 5/15/2016 USD 60 LUPATECH FINANCE 9.875 USD 45 LUPATECH FINANCE 9.875 USD 43.5 PUBMASTER FIN 6.962 6/30/2028 GBP 62.76 PUBMASTER FIN 8.44 6/30/2025 GBP 64 SUNTECH POWER 3 3/15/2013 USD 49.5 SUNTECH POWER 3 3/15/2013 USD 50.4 BRAZIL ------ CESP 9.75 1/15/2015 BRL 74.7 CHILE ----- ALMENDRAL TEL 3.5 12/15/2014 CLP 42.34 CHILE 3 1/1/2042 CLP 65.9 CHILE 3 1/1/2042 CLP 65.9 CHILE 3 1/1/2040 CLP 67.41 CHILE 3 1/1/2040 CLP 67.41 COLBUN SA 3.2 5/1/2013 CLP 24.86 PUERTO RICO ----------- PUERTO RICO CONS 6.2 5/1/2017 USD 58.5 PUERTO RICO CONS 6.5 4/1/2016 USD 69.48 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 69 PETROLEOS DE VEN 5.375 4/12/2027 USD 72.25 *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2013. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. * * * End of Transmission * * *